The Secretary General Of The United Nations Urges The World To Solve The Dare To Overcome The Gap Of The Rich And Poor

PBB illustration (Photo: dock. Antara)

The United Nations (UN) Secretariat General urged policymakers in the world to open up better financing and address a huge financial gap. This is in line with progress on several Sustainable Development Goals (SDGs) experiencing setbacks for the first time in decades.

There is a striking and growing gap between countries that can access funding with reasonable requirements - and countries that cannot access it, and are increasingly lagging behind," UN Secretary-General Antonio Guterres quoted Antara as saying.

Developed countries face loan costs up to eight times higher than European countries in particular, and this is a debt trap, Guterres said, noting that the SDG financing gap has become a ravine estimated at 3.9 trillion US dollars per year.

Held once every four years since 2015, after the adoption of the Addis Ababa Action Agenda - a roadmap for SDGs - High Level Dialogue funding regarding Development Financing in 2023 takes place at a critical time, when only about 15 percent of the SDG target is achieved.

The challenging economic outlook amid the impact of the COVID-19 pandemic, the increasingly severe conflict and climate change has put more pressure on funding for the SDGs.

Member states welcome the UN Secretary-General's proposal regarding the SDGs Stimulus of at least 500 billion US dollars per year to significantly increase affordable long-term financing in sustainable development and climate action.

They also support his call for more in-depth and long-term reforms to the international financial architecture, which is currently failing to become a safety net for all countries and exacerbating the gap.

"It is clear that systemic problems in sustainable development funding require systemic solutions: reform of global financial architecture," said the Secretary General of the United Nations.

"I repeat my call for a new moment of Bretton Woods when countries unite to agree on a global financial architecture that reflects the economic reality and current power relations," Guterres added.

The Secretary General of the United Nations said that the world, which is divided into two groups, namely the rich and the poor, has encouraged a global belief crisis.

"Together, we have to turn this crisis moment into a moment of opportunity, find joint funding solutions to rebuild global solidarity, and create new momentum for sustainable development and climate action," he added.

Carrying the theme "Financing SDGs for a world where no one is left behind," the one-day event will feature creative, ambitious, and politically viable solutions by world leaders, heads of international financial institutions, and multilateral development banks (MDBs), representatives of the private sector and civil society to mobilize resources, generate action and recover momentum to achieve the SDGs.